The global ammonia market size is projected to reach USD 110.93 billion by 2028, exhibiting a CAGR of 6.4% during the forecast period. As per the report by Fortune Business Insights™, titled “Ammonia Market, 2021-2028”, the market’s value was estimated to be USD 67.01 billion in 2020 and is expected to touch USD 71.98 billion in 2021.
Exponential Growth in World Population to Favor the Market
The global population is growing at a prolific pace and agricultural practices, processes, and technologies will need to rapidly catch up to feed the ever-increasing number of people. Projections released by the Food and Agriculture (FAO) show that the world population is set to spike by nearly 33% over the next three decades, leading to the addition of roughly 2.3 billion people. To meet the nutrition requirements of the growing numbers, the FAO estimates that overall food production will have to increase by 70%, with production in developing nations needing to double from current levels. NH3 will be a critical element in enabling governments to boost farm yields, as this compound is the most essential ingredient in making fertilizers. Since agricultural productivity is heavily dependent on fertilizers, the soaring demand for crops and raw materials in the coming years will escalate the adoption and employment of NH3.
Industry Development
- April 2021: CF Industries Holdings and Thyssenkrupp signed an engineering and procurement agreement to advance CF’s green ammonia project at its complex located in Louisiana. Under the contract, Thyssenkrupp will supply CF a 20-megawatt alkaline water electrolysis plant to produce green hydrogen at its facility.
List of Key Players Covered in this Market Report
- Rashtriya Chemicals and Fertilizers Limited (RCFL) (Mumbai, India)
- Praxair Technology, Inc. (Connecticut, the U.S.)
- EuroChem Group (Zug, Switzerland)
- SABIC (Riyadh, Saudi Arabia)
- CF Industries Holdings, Inc. (Illinois, the U.S.)
- Yara International ASA (Oslo, Norway)
- China National Petroleum Corporation (Beijing, China)
- Koch Fertilizer, LLC (Kansas, the U.S.)
- Qatar Petroleum (Doha, Qatar)
- Nutrien Ltd. (Saskatoon, Canada)
- BASF SE (Ludwigshafen, Germany)
Information Source: https://www.fortunebusinessinsights.com/industry-reports/ammonia-market-101716
